Question

PART ONE What is the amount of the Adjusted Gross Income for 2019 tax return? The...

PART ONE

What is the amount of the Adjusted Gross Income for 2019 tax return? The individual is single. Operate a small business and the records are kept on the cash basis account.

INFORMATION NEEDED BELLOW

Gross Income 600,000

Net Income 123,386

Self Employment Taxes 17,434

Expenses 476,614

Standard deduction 12,200

Estimated Tax Paid 17,400

PART TWO

What is the amount of the Qualified Business Income Deduction?

PART THREE

What is the amount of the Taxable Income?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
4. Amy is single. During 2019, she determined her adjusted gross income was $12,000. During the...
4. Amy is single. During 2019, she determined her adjusted gross income was $12,000. During the year, Amy also contributed $1,500 to a Roth IRA. What is the maximum saver's credit she may claim for the year? Multiple Choice $750. $1,000. $1,500. $0. 6, Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is...
In 2019, Miranda records net earnings from self-employment of $146,000. She reports no other gross income....
In 2019, Miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine the amount of Miranda’s self-employment tax and her for AGI income tax deduction Note: please provide answers and explanations in Word or Excel as handwritten responses are hard to read. Thank you.
Thad, a single taxpayer, reports taxable income before the QBI deduction of $188,000. Thad, a CPA,...
Thad, a single taxpayer, reports taxable income before the QBI deduction of $188,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During the 2019 tax year, his proprietorship generates qualified business income of $150,400 after deducting self-employment taxes, W–2 wages of $112,800, and $8,400 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places. Round your...
a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross...
a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $43,000, no tax-exempt interest, and $15,050 of Social Security benefits. As a result, $_____ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $17,400, no tax-exempt interest, and $19,140 of Social Security benefits. As a result, $______ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of...
Mary, (filing as single without dependents) is self employed. Her taxable income, solely from her business...
Mary, (filing as single without dependents) is self employed. Her taxable income, solely from her business 2019 is $150,000 (before the deduction for qualified business income). What is the amount of Mary's qualified business income deduction?
Jason and Paula are married. They file a joint return for 2019 on which they report...
Jason and Paula are married. They file a joint return for 2019 on which they report taxable income before the QBI deduction of $297,000. Jason operates a sole proprietorship, and Paula is a partner in the PQRS Partnership. Both are a qualified trade or business, and neither is a specified services business. Jason's sole proprietorship reports $188,800 of qualified business income, reports W–2 wages of $47,600, and owns qualified property of $21,500. Paula's partnership reports a loss for the year,...
For 2019, Mrs. Lynn had adjusted gross income of $30,000. During the year, she contributed $9,000...
For 2019, Mrs. Lynn had adjusted gross income of $30,000. During the year, she contributed $9,000 in cash to her church, $10,000 in cash to qualified public charities, and a painting she has owned for 8 years with a fair market value of $16,000 and a $4,000 adjusted basis to her city's library. What is the amount of Mrs. Lynn's allowable charitable contributions deduction for the year? A.18,000 B.19,000 C.30,000 D.35,000
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has...
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $90,100. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $13,400. The standard deduction for 2017 is $6,350 and a personal exemption is $4,050. Round all amounts to the nearest dollar. Refer Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ and his tax liability is $________ for 2017. b....
Jessica, who is single with one familial dependent, has the following for the calendar year 2019:...
Jessica, who is single with one familial dependent, has the following for the calendar year 2019: RECEIPTS FOR YEAR Salary as Business Consultant (part-time)                                                                       $ 24,200 Interest from Friendly Bank                                                                                               4,236 Interest from City of Chula Vista bonds                                                  2,000 Social Security benefits     15,000 EXPENDITURES FOR YEAR Contribution to IRA 920 Itemized deductions    17,400 Jessica claims one $500 dependency credit. How much are Jessica’s adjusted gross income, taxable income and gross tax? Show your work! AGI = $______________       Taxable Income...
Exercise 15-17 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, reports taxable income before the QBI...
Exercise 15-17 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, reports taxable income before the QBI deduction of $171,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During the tax year, his proprietorship generates qualified business income of $137,200 after deducting self-employment taxes, W–2 wages of $102,900, and $8,800 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT